Indeed, the possibilities of IoT or the Internet of Things are endless. While you may see your home change with smart devices on board, it’s just the tip of the iceberg. That smart TV or smartwatch banner how interconnectivity can be a good thing. Soon, there will be smart cities. And haven’t you noticed driverless cars? Driverless cars make the latest car iteration today thing of the past. It seems science fiction has finally met reality.
And the benefits are as myriad as they come. Know that about 90% of motor vehicle accidents are caused by driver errors. What that means is our roads will be safer with self-driving cars on them. There will no more drunk driving for one. Plus, as these cars are interconnected, traffic will be less congested. These autonomous cars will find a better faster way to arrive. Set to be fully functional by 2025, driverless cars will change the way we arrive.
But driverless cars are just for starters. Here are three more IoT products that should bring the future to your door.
Ever heard of these exercise bikes? You should. Indeed, these smart fitness machines showcase how IoT transforms business models, a school of thought harbored by the Harvard Business Review years before.
Instead of getting substantial profit from providing products, IoT espouses the idea of a “recurring income” as shown in the Peloton bike model.
If you have not ridden one, what exactly is a Peloton bike?
A Peloton bike is above all a stationary indoor bike. So it allows you to sweat. But that’s just the icing on the cake. But instead of just being able to pedal your way to fitness Peloton bikes connects you to a host of live workouts with instructors you can order on demand. In short, you get access to someone who can push you to carve those washboard abs.
The bike will cost you about $2,000 but that’s not what Peloton’s business model makes a killing. It’s from the subscriptions you want to get every time.
Of course, Peloton bikes operate fully with the interconnectivity of the internet. That makes it viable.
On a side note, you need not worry if you’re off the grid and out of civilization’s reach. You can still use your Peloton e-bike in case you want to bring it to your family log cabin deep in the woods for instance.
A satellite hotspot should work its magic for you. As this broadband satellite terminal can give you internet anywhere on the planet, your exercise session is pretty much covered wherever you go.
Products Built to Your Taste
Think of Nike shoes. You actually buy something that’s manufactured en masse. While that is advantageous for the manufacturer, that’s a lot of possible headache for you.
For one, not all feet are created equal. Each one of us has a distinct foot size and shape. Even twins have their differences.
With IoT, manufacturers can now give you a pair of shoes that fits your feet to a T. That level of customization will transform every part of the business. Nike by You is gaining popularity these days. But it’s paltry to what’s in store with IoT custom-made shoes.
Think of 3D manufacturing. That’s how today’s modern dentist can give you your dental wares that are customized to your teeth. It fits every curve of your pearly whites like no other.
Then there’s computer vision. This is the ability of visual sensors, cameras including to turn captured video into actionable data. With such a tool, a coffee shop owner will know how many times you’ve ordered in any of the establishments he owns. He can factor in a special discount based on a loyalty program.
Rolls Royce Engines
There are tremendous ways IoT can improve business performance. For instance, there’s a Platform as a Service. This business model uses a cloud-based platform that collects data and analyzes them. Instead of paying for a product, you pay for a service.
A concrete example of this is Rolls Royce engines. Using its TotalCare program, the company rents out its jet engines paid on a fixed dollar-per-hour rate.
Based on data acquired, these engines can be given protective maintenance instead of traditional preventive maintenance. That way Rolls Royce will know each engine’s needs minute by minute. Indeed, that’s a big plus. It’s a gamechanger. That means a lot of savings on fuel costs.
Even better, all this means there’s less environmental damage as TotalCare ensures engines are running at their most efficient. That’s telling you the future of business has arrived.